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Cheng Shin Rubber Ind. profit misses consensus by 33.5% in Q3

Cheng Shin Rubber Ind. Co. Ltd. said its third-quarter normalized net income amounted to 78 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.17 per share.

EPS decreased 31.3% year over year from NT$1.13.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$2.52 billion, a decrease of 31.3% from NT$3.67 billion in the prior-year period.

The normalized profit margin dropped to 8.6% from 10.7% in the year-earlier period.

Total revenue fell 14.4% on an annual basis to NT$29.21 billion from NT$34.14 billion, and total operating expenses fell 13.0% from the prior-year period to NT$24.75 billion from NT$28.45 billion.

Reported net income fell 34.2% from the prior-year period to NT$3.05 billion, or 94 cents per share, from NT$4.64 billion, or NT$1.43 per share.

As of Nov. 10, US$1 was equivalent to NT$32.74.